Let There Be Light - European Edition

• The 42 alternative venues we track executed 18.99% of pan-European on-venue turnover in June, up 83 bps m/m (+187 bps y/y) from May
• Our universe accounted for 11.48% of consolidated turnover, including on-venue and OTC, up 99 bps m/m
• Dark trading rebounded in June as volatility in European equities declined. Large-in-scale trades grew at a faster rate than the rest of the market.
• Jane Street’s equity SI volume jumped almost fivefold from May and by two-thirds year-on-year
• The European Union reached an agreement on MiFID, but it’s too early to declare victory

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